Genel Energy gives Operational Update

Genel Energy has announced that the TT-27x side-track well has been successfully drilled and completed in the Cretaceous Shiranish reservoir at the Taq Taq field (Genel 44% working interest, joint operator).

The TT-27x side-track was the first well in the 2016 Taq Taq work programme, which aims to more evenly distribute the production rate over the wider field.

The well, which is currently in the latter stages of the post-drill clean-up phase, is flowing at c.3,000 bopd. The well continues to clean-up and is within the anticipated production rate of 1,500-5,000 bopd.

The VT-03 rig has now been moved to drill the TT-07z well, a side-track of the TT-07 well, which is set to appraise the southern flank of the field. If successful, this well will also aid the wider reservoir management effort and increase production from the flank of the field. The TT-07z well is expected to take c.60 days to drill.

Future Taq Taq development activity will continue to evolve based on reservoir performance, with an overall strategy of drilling development wells to offset field declines. The current outlook for 2016 incorporates the drilling of three side-tracks from existing development wells (inclusive of TT-27x and TT-07z).

Key technical indications from Taq Taq year to date are in line with those underlying the ultimately recoverable reserves described in the Competent Person's Report issued on 25 April 2016.  Full year 2016 data from Taq Taq will be incorporated into a new Competent Person's Report which the Company intends to issue in Q1 2017.

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